The co-chairs of the U.S. deficit commission urged President Barack Obama Thursday to launch negotiations with Congress early next year on a serious fiscal responsibility plan.

Co-Chairs Erskine Bowles and Alan Simpson said they believed a bipartisan agreement aimed at reducing America’s massive debt should be reached before any long-term increase in the U.S. debt limit is approved. Get the full story »

Leaders of President Barack Obama’s bipartisan deficit commission on Wednesday proposed reducing the annual cost-of-living increases in Social Security, part of a bold plan to control $1 trillion-plus budget deficits.

The proposal also would set a tough target for curbing the growth of Medicare and recommends looking at eliminating popular tax breaks, such as mortgage interest deduction. Get the full story »